South Korea Seeks Shinhan Financial Data Regarding Chairman's Account

South Korea’s Financial Supervisory Service asked Shinhan Financial Group Co.’s lending unit to provide data to help it assess whether Chairman Ra Eung Chan broke the law by opening an account in another person’s name.

The FSS is seeking documentation from Shinhan Bank in cooperation with South Korea’s prosecutors’ office, the regulator said in an e-mailed statement. Shinhan Bank spokesman Yoon Jin Uk declined to comment.

The JoongAng Ilbo newspaper today reported that the FSS was looking into whether Ra had borrowed an account at Shinhan Bank, citing an unidentified official at the regulator.

To contact the reporter on this story: Seonjin Cha in Seoul at scha2@bloomberg.net

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